Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”).Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue.

Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016.

The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue.

Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter.

At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.

What this shows is Dawn Mangano was able to run casinos quite well and out of the 65 listed on the sheet, two of them placed under 10. Compared to Evergreen Gaming which only had one placed under 10. Three quarters have gone by and things could be different, but I believe Dawn will play a huge role in Evergreen Gaming’s growth.

Another important note since some individuals have been worried about online gambling being a hindrance to Evergreen’s growth:

posted October 30, 201713:25
Nice article from Simply Wallstreet. Looking forward to seeing TNA's Q3 results end of November and by then their $2 million Tukwila property sale (currently pending) should be completed. I am estimating that the company will earn at least $500,000 US profit. Their Q3 is always a bit slower and I am being very conservative on the earnings, especially after making over $1 million USD last quarter. Their Q1 profit $377,000 net income but that was also hurt by Tukwila still in operation at the time.

Evergreen Gaming Corporation (TSXV:TNA)Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is run by CEO Dawn Mangano. With the company’s market capitalisation at CAD CA$17.95M, we can put it in the small-cap group

TNA’s shares are currently trading at -22% beneath its true level of $0.17, at a price tag of $0.14, based on my discounted cash flow model. This mismatch signals an opportunity to buy TNA shares at a discount. In addition to this, TNA’s PE ratio stands at 7.2x compared to its hotels, restaurants and leisure peer level of 19.4x, indicating that relative to its comparable company group, we can invest in TNA at a lower price. TNA is also in good financial health, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 52% has been diminishing for the past few years demonstrating TNA’s ability to pay down its debt.

9 Month Results USDRevenue: $26,196,124Net Income: $2,012,2489 Month Revenue convert into CAD and Earnings Per ShareUSD-CAD-1.27 as of November 16th 2017$2,012,248 X 1.27 = $2,555,554.90 CAD$2,555,554.90 / 124,716,865(common shares) = $0.0205 over 9 monthsSUBSEQUENT EVENTS The company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017. The company has mortgages on the property with balances of $1,054,956 as of September 30, 2017 which would be paid in full if the sale is completed. The book value of the property being sold is $1,434,184 as of September 30, 2017.**NOTE** - Tukwila was closed February 4th and has not generated any revenue since then. This will reduce liabilities substantially and give the company additional operating capital.

TNA.V MD&A Highlights

Overall Performance Current quarter compared to prior yearNet revenue for the quarter ended September 30, 2017 was $8,554,697, an increase of $108,190 compared to the same period in the prior year. Gaming dollars dropped were 11.3% higher than the prior year quarter but that increase was offset by a lower hold percentage of 1.8%. The income from operations was $1,042,536 compared to $971,941 in the prior year quarter. This increase was due to the increase in net revenues partially offset by an increase in operating expenses of $37,595. The labor and benefit expenses increased due to an increase in the minimum wage, but that increase would have been even higher except for the closing of Palace Tukwila on February 4, 2017.

Net income before taxes was $967,761 compared to $836,569 in the same quarter of 2016, a $131,192 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

Working capital at September 30, 2017 was $2,778,315 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

The Company’s assets at September 30, 2017 totaled $26,871,601compared to total liabilities of $12,775,602. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

The Company’s cash at September 30, 2017 was $8,202,648, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,758,138 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended September 30, 2017 was $1,615,226 compared to $471,994 for the quarter ended September 30, 2016.

Comparing the address of the Tukwila listing and the new location of this Ford dealership, they are identical.

From TNA.V’s the most recent MD&A (found on Sedar)

Page 6:On August 5, 2015, the Company refinanced the first position note payable to a third party secured by the property at 14027 Interurban Ave S. Tukwila, WA. A new 10-year $720,000 loan at Banner Bank carries a 5% fixed interest rate for the first five years, with monthly payments of $7,659. In years 6-10, the rate will be calculated based on the Bullet Rate for the 5-year FHLB Fixed Rate Advances (the “Index”) plus a margin of three percentage points (3.0%). If the Index rate changes, the amount or number of monthly payments and/or the final payment amounts may change to accommodate the change in interest rate. The interest rate may not fall below the initial 5%, and its maximum is limited by law. This action pays off the 9.5% interest rate loan that was in place, reducing the monthly payment by $1,252 per month.

Page 1:The Company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017.

Evergreen Gaming Corp. has sold real estate located at 14027 Interurban Ave. South, Tukwila, Wash., 98168. This was the location of the casino that ceased operations in February of 2017. No revenue-generating use was found for the property after the closure, so it was listed for sale. The sale of real estate closed on Nov. 30, 2017, for $1.95-million (U.S.). The mortgage and a note attached to the property were paid off from the proceeds of the sale.

posted January 02, 201812:58
January 2018 Article By Simply Wallstreet

Evergreen Gaming Corporation (TSXV:TNA)

Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is headed by CEO Dawn Mangano. It currently has a market cap of CAD CA$21.05M placing it in the small-cap category

TNA’s stock is now floating at around -69% below its true value of $0.56, at the market price of $0.17, based on my discounted cash flow model. The discrepancy signals an opportunity to buy low. Moreover, TNA’s PE ratio is currently around 9x compared to its hospitality peer level of 16.3x, meaning that relative to its comparable set of companies, TNA’s stock can be bought at a cheaper price. TNA is also in great financial shape, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 49% has been diminishing over the past couple of years showing its ability to reduce its debt obligations year on year.

posted February 05, 201818:33
Washington Cardroom Stats From June 2017

This is delayed by a couple quarters, but it shows how well TNA is doing compared to the competitors in the area. TNA owns 4 casinos (Chips, Goldies, Palace, Riverside) and they are placed in the following rank in terms of sales(out of 71 total)